10 ways to save on corporate travel
Including strategies in your travel program to help your business and your travellers purchase travel smartly is an important part of strategic travel management. Even more so when the travel industry is in an upcycle. And by that we mean prices are higher than they normally are, demand is high and capacity across accommodation and airlines isn’t fully back to pre-pandemic volume.
There are ways your business can reduce costs throughout the buying cycle. Here’s a few to add to your travel toolbox -:
- Implement hotel rate caps in cities where accommodation rates are on the rise
- Ask your TMC to assess whether there are new hotel properties or hotel chains in the market that will offer cheaper rates
- Review your rates and fares to see where it makes more sense to buy restricted rather than flexible rates or fares.
- Look at whether your people could consider travelling at alternative times during the day and days of the week for cheaper options.
- Plan ahead to support advance booking strategies and let your TMC know what you have coming up in your travel pipeline.
- Know your preferred suppliers’ change and cancellation policies.
- Ensure your online booking tool (OBT) is effectively managing all your air credits on hold (If any of your tickets are expiring before they are used – it’s time to talk to a new TMC!)
- Know what the difference is, cost wise, for your business when it comes to multiple people using Ubers and taxis versus taking trains, or renting a car for a day or ask staff to drive and park at the airport.
- When was the last time all your supplier contracts were reviewed in depth and renegotiated? Is it time for a contract refresh?
- For car rentals of more than a few days, consider asking travellers to pick up their cars from an off-airport or city location rather than an airport location to avoid paying location fees.
Just because you are travelling more, it doesn’t mean you need a bigger budget. If your travel costs are rising more than you’d like them to be – chat to our team for expert advice.
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